Saturday, Dec 20, 2014Saturday, Dec 20, 2014

News

 

Indian PM says delayed Korean steel plant to open soon

Published on Jan 16, 2014 8:14 PM
 
The national flags of South Korea and India fly from the plane carrying South Korean President Park Geun-hye as it arrived at Air Force Station Palam in New Delhi on January 15, 2014. Ms Geun-hye is in India for a four-day state visit. --PHOTO: AFP

NEW DELHI (AFP) - Indian premier Manmohan Singh Thursday said a mega steel plant being built by South Korean multinational Posco would become operational in the coming weeks, allaying fears of further delays in the project.

Dr Singh gave his assurances on the US$12 billion (S$ 15 billion) plant, India's biggest foreign investment project, to visiting South Korean President Park Geun-hye during their meeting in New Delhi.

"I conveyed to President Park our hope that this project will confirm that economic growth and environmental protection can go hand in hand," Dr Singh said in a statement. Dr Singh said the plant in the eastern state of Orissa "is set to be operational in the coming weeks" with the "grant of mining concession for the project also at an advanced stage of processing".

Posco has been trying for a licence to explore iron ore locally for the steel plant but a decision on its request is still pending.

 
If you are not a subscriber, you can get instant, unlimited access here